Cambiar Investors LLC Sells 21,926 Shares of Citigroup Inc. (C)
Cambiar Investors LLC trimmed its holdings in shares of Citigroup Inc. (NYSE:C) by 2.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,041,960 shares of the financial services provider’s stock after selling 21,926 shares during the period. Citigroup accounts for about 1.1% of Cambiar Investors LLC’s investment portfolio, making the stock its 23rd biggest holding. Cambiar Investors LLC’s holdings in Citigroup were worth $69,686,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. raised its stake in shares of Citigroup by 2,718.7% during the first quarter. BlackRock Inc. now owns 196,415,461 shares of the financial services provider’s stock worth $11,749,573,000 after buying an additional 189,447,104 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Citigroup by 2.5% during the first quarter. Vanguard Group Inc. now owns 183,198,941 shares of the financial services provider’s stock worth $10,958,960,000 after buying an additional 4,391,347 shares during the last quarter. FMR LLC raised its stake in shares of Citigroup by 18.2% during the first quarter. FMR LLC now owns 105,742,815 shares of the financial services provider’s stock worth $6,325,535,000 after buying an additional 16,257,931 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Citigroup by 31.3% during the first quarter. Bank of New York Mellon Corp now owns 43,167,279 shares of the financial services provider’s stock worth $2,582,269,000 after buying an additional 10,294,403 shares during the last quarter. Finally, Harris Associates L P raised its stake in shares of Citigroup by 25.9% during the first quarter. Harris Associates L P now owns 41,129,780 shares of the financial services provider’s stock worth $2,460,384,000 after buying an additional 8,464,257 shares during the last quarter. 75.40% of the stock is owned by institutional investors and hedge funds.
C has been the subject of several recent analyst reports. Vetr downgraded shares of Citigroup from a “strong-buy” rating to a “buy” rating and set a $70.90 target price for the company. in a research note on Monday, June 12th. BidaskClub raised shares of Citigroup from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Bank of America Corporation reaffirmed a “buy” rating and issued a $68.00 target price (up previously from $64.00) on shares of Citigroup in a research note on Tuesday, June 13th. Keefe, Bruyette & Woods set a $69.00 target price on shares of Citigroup and gave the company a “buy” rating in a research note on Thursday, June 8th. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $64.00 target price on shares of Citigroup in a research note on Thursday, June 1st. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $68.99.
In other news, insider Jeffrey R. Walsh sold 5,000 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $68.97, for a total value of $344,850.00. Following the completion of the sale, the insider now owns 56,394 shares in the company, valued at approximately $3,889,494.18. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Francisco Aristeguieta sold 40,000 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $67.55, for a total transaction of $2,702,000.00. Following the completion of the sale, the chief executive officer now owns 77,570 shares of the company’s stock, valued at approximately $5,239,853.50. The disclosure for this sale can be found here. Insiders own 0.10% of the company’s stock.
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Shares of Citigroup Inc. (C) opened at 69.39 on Thursday. Citigroup Inc. has a 52 week low of $45.16 and a 52 week high of $69.86. The firm has a market cap of $189.06 billion, a PE ratio of 13.89 and a beta of 1.47. The firm has a 50-day moving average of $67.76 and a 200-day moving average of $63.36.
Citigroup (NYSE:C) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.28 EPS for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.07. The business had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.38 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. Citigroup’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.24 EPS. On average, analysts expect that Citigroup Inc. will post $5.22 EPS for the current year.
Citigroup announced that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to repurchase $15.60 billion in shares. This repurchase authorization permits the financial services provider to buy up to 8.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Monday, August 7th were paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend was Thursday, August 3rd. This is a positive change from Citigroup’s previous quarterly dividend of $0.16. Citigroup’s payout ratio is 25.55%.
Citigroup Company Profile
Citigroup Inc (Citi) is a financial services holding company. The Company’s whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management.
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